Kraken Introduces New App in Canada, Offering Transactional Services for More Than 300 Digital Assets
In the ever-evolving world of finance, a Silicon Valley-based company, Kraken, has launched a groundbreaking mobile application called Krak. This innovative app is designed to cater to the digital-first generations, aiming to revolutionise the financial system by facilitating instant, borderless payments with multi-asset support.
Krak's key features include instant crypto and fiat peer-to-peer (P2P) payments, multi-currency support, no transfer fees, rewards on account balances, and future payment cards and financial tools. With Krak, users can send and receive money instantly across over 160 countries using a simple @Kraktag username, supporting both fiat and cryptocurrencies without traditional bank delays.
The app allows users to hold, convert, and transact in over 300 currencies, including fiat, stablecoins, and cryptocurrencies. This enables seamless global transactions, such as living in USD, receiving EUR, and sending GBP effortlessly. Krak features zero transfer fees and upfront, transparent conversion rates with all currency conversion spreads clearly displayed before confirmation, eliminating hidden costs.
Users can earn up to 4.1% rewards on their USDG stablecoin balances and up to 10% APR on other cryptocurrencies, combining the benefits of a bank account and a crypto wallet. Kraken plans to introduce virtual and physical payment cards linked to users' crypto and fiat balances, crypto-backed loans, integrated savings, and merchant tools, expanding Krak into a full-fledged financial app ecosystem.
Cynthia Del Pozo, Kraken's General Manager for North America, stated in April that Canada is at a turning point for crypto adoption. The approval of Kraken's Restricted Dealer registration in Canada earlier this year marks a milestone in its effort to offer compliant services to Canadian investors. This approval followed a years-long pre-registration undertaking process. During this period, Kraken doubled both its Canadian team and monthly transacting user base.
Krak addresses the needs of the 1.4 billion unbanked adults globally by providing a borderless, accessible financial service that bypasses traditional banking infrastructure. It offers significantly lower fees and near-instant settlements, making it ideal for freelancers, international remittances, and cross-border commerce.
Compared to established payment platforms like PayPal, Venmo, Cash App, Revolut, Wise, and Stripe, Krak aims to disrupt these services by leveraging Kraken's crypto expertise and infrastructure. The app’s user experience is simple and intuitive, allowing users to manage international finances without juggling multiple apps or accounts. It functions as a single platform for sending, receiving, converting, and earning rewards.
Sethi, Kraken's CEO, states that basic financial services should be as universal and available as clean water. He believes that money should move as easily as information does. Krak is positioned as a comprehensive, low-cost, and fast payment solution that merges traditional and digital finance, aiming to create a frictionless, borderless financial system tailored for today’s global, digital-first users.
In advanced economies, bank users are frequently charged high fees. Krak's competitive positioning lies in its ability to offer lower costs and faster transactions, making it an attractive alternative for those seeking a more efficient financial solution. Sethi sees Krak as just the beginning and a foundation for future money management.
[1] Kraken. (2023). Kraken Announces the Launch of Krak, a Mobile App Revolutionising Global Payments. [Press Release]. [2] Kraken. (2023). Krak App Features and Benefits. [Product Page]. [3] Kraken. (2023). Krak: A Borderless, Accessible Financial Service for the Digital-First Generation. [Whitepaper].
- The Krak mobile application, introduced by Silicon Valley-based company Kraken, aims to revolutionize the finance industry by offering fintech services, particularly focusing on instant, borderless payments with multi-asset support, such as fiat and cryptocurrencies.
- Krak's innovative features include zero transfer fees, rewards on account balances, and supports gadgets like smartphones for sending and receiving money across 160 countries, making it an attractive alternative to traditional financial services and smartphone-based payment platforms like PayPal, Venmo, Cash App, Revolut, Wise, and Stripe.
- Kraken, with its Krak app, plans to expand its fintech services by introducing various financial tools like virtual and physical payment cards, crypto-backed loans, integrated savings, and merchant tools, positioning itself as a full-fledged financial app ecosystem in the tech-driven financial services industry.
